Australia's AMP expects dip in half-year underlying profit -statement

July 27 (Reuters) - Wealth manager AMP Ltd said on Friday its underlying profit for the first half of 2018 will drop because of capitalised losses in its Australian Wealth Protection business.

Underlying profit for the six months to June 30 will be in the range of A$490 million to A$500 million ($361.47 million-$368.85 million), compared to an underlying profit of A$553 million a year ago, the company said in a statement. ($1 = 1.3556 Australian dollars) (Reporting by Ambar Warrick in Bengaluru)